Tax Tip -- Don't Collect Any More $ from Second Home Rental

Here's a tip from Julian Block of CBS MoneyWatch for those who use their second homes to generate extra income through rentals:

Owners are permitted to rent their vacation homes and to bank the rent checks without declaring the rental income in certain circumstances.

First, you must have had a tenant in that second home for fewer than 15 days in order to collect the rent tax-free. If you have rented it for more days, all the rental income becomes taxable. Thus, if you have the option of renting or not renting for the rest of this year, or collecting rents due, and the income is not worth paying taxes on, skip the rentals and money until Jan. 1.

I'm not a tax advisor or accountant, so doublelcheck this info with your tax guru and/or read the IRS’s Publication 527, which has all the details.

Vacation Home Expo to Explain Girlfriend Getaways

One of the big emerging travel trends is "Girlfriend Getaways." Vacation home owners and renters will be able to learn more about them from the founders of Travelgirl Magazine -- publisher Renee Werbin and editor-in-chief Stephanie Oswald -- and get advice and tips on what's behind this movement of more women vacationing together on January 24 and 25, at Vacation Home Expo. It takes place at the Cobb Galleria Convention Centre in Atlanta. Some observers believe "girlfriend getaways" are now a full-fledged phenomenon. Stephanie Oswald, who also hosts the popular television series All-Girl Getaways on the Fine Living Network, has an up close appreciation and understanding of this vacation lifestyle movement. "I am constantly encouraging women to find their oasis in life, both at home and on the go," says Oswald. The term "girlfriends" can mean any females from 15 to 80, related to one another (mother/daughter, sisters, etc.) or just pals.